CLEVELAND, April 2, 2012 /PRNewswire/ -- Associated Estates Realty Corporation (NYSE, NASDAQ: AEC) today announced that it has closed on the purchase of 7001 Arlington Rd. in Bethesda, MD. Associated Estates plans to construct 140 rental apartments and 7,000 square feet of first floor retail. Redevelopment of the 2.5 acre parcel is expected to start after the U.S. Postal Service vacates in June. Merit Enterprises, Inc. ("Merit"), a wholly owned subsidiary of Associated Estates, will act as construction manager.
The property will be known as Dwell Bethesda and is situated in a highly desirable residential location that is central to major employers and in close proximity to upscale neighborhood amenities including shops, restaurants, the Red Line Metro, and Bethesda Row. The property is adjacent to The Capital Crescent Trail, an off-road walking/biking path that runs from Silver Spring, MD, to historic Georgetown.
"We are excited about developing this highly sought after parcel in one of the premier locations in Bethesda," said Jason Friedman, vice president of construction and development. "Dwell Bethesda is an ideal complement to our other properties in the Metro D.C. market," Friedman added.
Associated Estates is a real estate investment trust ("REIT") and is a member of the Russell 2000 and the MSCI US REIT Indices. The Company is headquartered in Richmond Heights, Ohio. Associated Estates' portfolio consists of 53 properties containing 13,908 units located in eight states. For more information about the Company, please visit its website at AssociatedEstates.com.Contact: John LytellDirector, Corporate Communications(216) 797-8718 email@example.com SOURCE Associated Estates Realty Corporation